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IMD competitiveness index: a "more attractive" business environment in France, says IFA
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France tries to attract foreign workers and foreign capital
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Tax Reductions In France
As the Forbes Misery Index notes, France has actively made considerable tax reductions--the second-highest improvement for reforms in Western Europe and the fifth-highest improvement in all the countries covered by the index.
Several key reforms that improve the attractiveness of France from a tax point of view continue to allow it to remain the third-largest recipient of foreign direct investment in the world.
The current French government is not resting complacent--it continues to strive to improve the environment for businesses with some of the most generous and innovative tax credits available. Reforms in early 2008 included a limitation on overall taxes for taxpayers, research and development tax credits for businesses and favorable tax credits for charitable contributions.
The 2008 tax credit for research and development that reimburses 50% of the R&D expenses for businesses in the first year has no equal in the world. It is particularly interesting in that it represents a direct credit to income tax, and if it is in excess of the income tax, it can even be refunded in cash.
The wealth tax credit, also increased in 2008, is driving investment into small and medium enterprises, public research institutes and charitable foundations by allowing households to deduct 75% from their wealth tax of qualifying investments or charitable contributions, up to a maximum credit of 50,000 euros per year.
Finally, for individuals the total amount of progressive and flat income taxes, wealth tax, property tax and mandatory contribution to social security is now capped at 50% of the taxpayer's total income. The progressive income tax is capped at 40%, equal to the top rate in the United Kingdom. For overtime work, employees are completely exempt from paying income tax and social security charges, and employers pay reduced social security charges, since Oct. 1, 2007.
Philippe Favre is the chairman and CEO of Invest in France Agency.
Renewable energies in Brittany
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More than 50 Indian companies in France
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